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Buying a home- most important decision

Buying a home- most important decision

most important decision before buying home

 

Most important decision before buying home

Living in your own house which you have bought, by putting your sweat and blood at work, is one of the best feelings. But you should be careful while you plane to buy a new house. Otherwise, you will not be able to live in peace in your own house.

The very first thing that you need to do before you proceed with the task is to, access your financial status. This will give you an insight into how much money you can pay at the initial stages and how much you will be able to pay in installments.

What lenders look for is the ratio of money you make on monthly basis to the money you have. Your monthly housing cost should remain below 28 percent of your total monthly income.

The second thing that you should bring into your consideration is to look at your own affordability not what the lenders are saying. Let’s say if the lender wants you to spend $2000 on monthly basses to buy the house and you make only $1800 per month then how would you be able to buy the house? So you should always look at what fits into your budget.

Now that you are done with how much house you can afford, what you have to do next is to look at your credit score. This will tell the lenders about how you are managing your credit. If your score is good it will ultimately make the lender give you the house.

The credit report or score will tell the lender about your history of payment, it includes your due debts and the frequency of your application for credit score. If you maintain a good credit score you will find no hurdles in finding financing.

In order to keep a high score, you should pay your bill on due time. One very important piece of advice that I will give you here is, do review your credit report.

These days lenders prefer to deal with people who have pre-approved documents, which means that your documents and your credits report is already been reviewed is found to be error-free and it is also been determined that you this much amount of money you can withdraw or borrow. Pre-approved means that the lender knows that you can borrow a fixed amount of money.

If you are preapproved it means that you can borrow a certain amount of money and you need not worry about whether you will be approved for the mortgage or not. This will also remove the stress of whether you will be able to pay that a certain amount of money in rime or not.

The final suggestion that I would give is to take as much of your time as possible and accesses your budget carefully plus you should also take suggestion from your loved ones so that will be able to pay your loan on time and without any difficulty.

 

Go To Buyer’s Guide→ Seller’s Guide→ Mortgage Zone→

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Seller’s Guide , Sell your home fast with more money

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Selling, Ready to list sell your house

Get Approved, Get preapproved to show sellers you are serious

 

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